The government of China's Xinjiang autonomous region has stated that it is committed to eliminating 2.4 million mt of backward steel capacity within two years and will not approve new projects in the steel industry, according to its program for resolving severe overcapacity in the region.
Outdated capacity elimination and mergers and acquisitions shall be required to accelerate structural adjustments and industrial upgrading in the steel industry, the program states.
Xinjiang eliminated 1.15 million mt of steel production capacity last year.
Source:
http://www.steelorbis.com/steel-news/latest-news/xinjiang-to-eliminate-24-million-mt-of-steel-capacity-in-two-years-814650.htm
